Shulem Herman Acquires Far Rockaway Hotel From Riverbrook Equities For $25M
43-17 Rockaway Beach Blvd, Far Rockaway, NY, USA
$25,000,000
$514/SF
Building Size
48,622 SF
Asset Type
Hotel
Closing
Aug 26, 2021
About this deal
AI
The hotel located at 43-17 Rockaway Beach Blvd in Far Rockaway has been sold for $25,000,000. The property has a total square footage of 48,622 and a price per square foot of $514. The transaction included the transfer of 99 keys, resulting in a price per key of $252,525.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $25,000,000
- Address: 43-17 Rockaway Beach Blvd, Far Rockaway
- Market: Far Rockaway
- Buyer: Shulem Herman
- Seller: Riverbrook Equities - Steven Mendel
- Square Footage: 48,622
- Price per Square Foot: $514
- Keys: 99
- Price per Key: $252,525
Shulem Herman was the buyer in this transaction, while Riverbrook Equities, represented by Steven Mendel, acted as the seller. This successful deal highlights the significance of the hotel asset type in the Far Rockaway market.
On the Map
$25,000,000
$514/SF
Hotel
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Players
Far Rockaway Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.63%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93